Form 5498-SA (HSA, Archer MSA, or Medicare Advantage MSA Information) (2020); Form 1099-SA (Distributions From an HSA, Archer MSA, or Medicare Advantage MSA) (Rev. November 2019); Instructions for Forms 1099-SA and 5498-SA (2020)
The IRS has released Forms 5498-SA and 1099-SA for the 2020 tax year, along with their combined instructions. (The 2020 General Instructions for Certain Information Returns, which relate to these and certain other information returns, have not yet been released.) Form 5498-SA is used by trustees and custodians of HSAs, Archer MSAs, and Medicare Advantage MSAs to report contributions to (and the fair market value of) these accounts; Form 1099-SA is used to report distributions from these accounts. The new versions are largely the same as their 2019 counterparts. Filing and delivery deadlines have been updated, references to the new Form 1040-SR (U.S. Tax Return for Seniors) have been added, and a few nonsubstantive changes have been made. In addition, Form 1099-SA has been converted from a form that is revised annually to a continuous use form, meaning both the form and its instructions will be updated as needed.
EBIA Comment: The 2020 forms should not be used until 2021, when reporting for the 2020 tax year is due. These forms provide useful information to account holders, who have reporting obligations of their own. Generally, HSA account holders report their contributions and distributions on Form 8889, while Archer MSA and Medicare Advantage MSA account holders report on Form 8853. For more information, see EBIA’s Consumer-Driven Health Care manual at Section XVII (“HSAs: Reporting Requirements”). You may also be interested in our webinar: ”Workplace Health Savings Accounts (HSAs)” (recorded on 4/25/19).
Contributing Editors: EBIA Staff.
